Mar 31, 2015
We have audited the attached financial statements of Natraj Proteins
Ltd which comprise of the Balance Sheet as at 31.03.2015 the Statement
of Profit and Loss for the year ended on 31-3-2015 and Cash Flow
statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the matters stated in section 134(5) of
the Companies Act 2013 (the Act) with respect to preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the company in
accordance with the Accounting Standards specified under section 133 of
the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the
assets of the company and for preventing and detecting frauds and other
irregularities, selection and application of appropriate accounting
policies, making judgments and estimates that are reasonable and
prudent and the design, implementation and maintenance of internal
control that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and Rules made there under. We conducted our
audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India as specified under section
143(10) of the Act. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment including the assessment of
the risks of material misstatement of the financial statements whether
due to fraud or error. In making those risk assessments, the auditors
considers internal controls relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
as required by the Act in the manner so required and give a true and
fair view in conformity with the Accounting principles generally
accepted in India:
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31.03.2015.
ii) In the case of Statement of Profit and Loss , of the Profit of the
company for the year ending 31.03.2015.
iii) In the case of Cash Flow Statement of the cash flows, of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order 2015 issued
by the Central Government of India in terms of sub section (11) of
Section 143 of the Act, we enclose in the annexure a statement of the
matters specified in the paragraph 4 and 5 of the said order.
2. As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b) In our opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books.
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit & loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards specified under section 133 of the Act read with Rule 7 of
the Companies (Accounts) Rules 2014
e) On the basis of written representations received from the Directors
of the company as on 31st March, 2015, and taken on record by the Board
of Directors, none of the director is disqualified as on 31st March
2015 from being appointed as a director in terms of section 164(2) of
the Act.
f) With respect to the other matters to be included in the Auditors
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules 2014, in our opinion and to the best of our information and
according to the explanations given to us :
1. The company has disclosed the impact of pending litigations on its
financial position in its financial statements. Refer note No B 1(a),
(b), (c) and (d) to the financial statements.
2. The company does not have any long term contracts or long term
derivative contracts and there is no requirement of making any
provision on such contracts/derivatives.
3. There is no incidence of any requirement of transfer any amount to
the Investor Education and Protection Fund by the company during the
year.
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENT OF OUR REPORT
[Referred to in our Report of even date on the Accounts of NATRAJ
PROTEINS LTD. as at and for the year ended 31st March 2015]
1. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management in
accordance with regular programme of verification, which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such
verification.
2. (a) The management has conducted Physical verification of
inventories at all its locations at reasonable intervals during the
year.
(b) The procedures of physical verification of inventory followed by
management are in our opinion, reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (a) The company has not granted any loan secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013.
(b) There is no overdue amount of loans granted to companies or firms
or other parties in the register maintained under section 189 of the
Companies Act, 2013
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
Services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
in respect of these areas.
5. The company has not accepted any deposits from the public.
6. We have broadly reviewed the books of account maintained by the
company pursuant to rules made by the Central Government for the
maintenance of cost records under section 148(1) of the Companies Act
2013 for the products of the company and are of the opinion that prima
facie, the prescribed accounts and records have been made and
maintained. We have not, however made a detailed examination of the
same.
7. (a). The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and any other statutory dues with the appropriate
authorities to the extent applicable.
According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were in
arrears, as at 31st March 2015, for a period of more than six months
from the date they become payable.
(b) According to the information and explanations given to us, and as
per the records of the company, income tax, sales tax, service tax,
custom duty, excise duty, Mandi tax and Cess which have not been
deposited on account of dispute are given below :
Name of the Statue Nature of the dues Disputed
Amount
(Rs. in lacs)
Income Tax Income Tax 15.90
Income Tax Income Tax 5.21
M.P VAT Act 2002 VAT ACT 6.32
M.P VAT Act 2002 VAT ACT 4.70
Name of the Statue Period to which Forum where the
it relates dispute is pending
Income Tax 1994-95, 1995-96, Before Settlement
1996-97 Commission, Petition
has been filed with
M.P.High Court for stay
Income Tax 2009-10 AY 2010-11 Before Appellate
Commissioner, Bhopal
M.P VAT Act 2002 2006-2007 M.P Commercial Tax,
Appellate Board, Bhopal
M.P VAT Act 2002 2011-2012 Commissioner Appeals
8. The company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the year under
report and in the immediately preceding financial year.
9. Based on our audit procedures, and as per the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institution, bank. The company has not issued any
debentures.
10. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by other from banks
and financial institutions.
11. As per the records produced, the term loans have been applied for
the purpose for which such loans were obtained.
12. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us by the management we
report that no frauds on or by the company have been noticed or
reported during the course of our audit.
For BHUTORIA GANESAN & CO.
Chartered Accountants
Firm Reg No: 004465C
R.GANESAN
S-9, Thadaram Complex, PARTNER
209A, Zone I, M.P.Nagar, BHOPAL M.NO 26164
Date: 30-05-2015
Mar 31, 2014
We have audited the attached financial statements of Natraj Proteins
Ltd which comprise of the Balance Sheet as at 31.03.2014 the Statement
of Profit and Loss for the year ended on 31-3-2014 and Cash Flow
statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub section (3C) of section 211
of the Companies Act 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment including the assessment of
the risks of material misstatement of the financial statements whether
due to fraud or error. In making those risk assessments, the auditors
considers internal controls relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
as required by the Act in the manner so required and give a true and
fair view in conformity with the Accounting principles generally
accepted in India:
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31.03.2014.
ii) In the case of Statement of Profit and Loss , of the Profit of the
company for the year ending 31.03.2014.
iii) In the case of Cash Flow Statement of the cash flows, of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order 2003 as
amended by Companies (Auditor''s Report) (Amendment) order, 2004, issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement of the matters specified in the paragraph 4 and 5 of the said
order.
2. As required by section 227(3) of the Act we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books.
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit & loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in section 211(3C) of the Companies Act 1956.
e) On the basis of written representations received from Directors of
the company as on 31st March, 2014, and taken on record by the Board of
Directors, none of the director is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act 1956, nor has it issued any Rules under the said section
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT [Referred to in our
Report of even date on the Accounts of NATRAJ PROTEINS LTD. as at and
for the year ended 31st March 2014]
1. (a). The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) . The fixed assets have been physically verified by the management
in accordance with regular programme of verification, which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. Discrepancies have been appropriately dealt with
in the books of account.
(c) . The Company has not disposed off any substantial part of fixed
assets during the year.
2. (a). The management has conducted Physical verification of
inventories at all its locations at reasonable intervals during the
year.
(b) . The procedures of physical verification of inventory followed by
management are in our opinion, reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) . The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. The company has not taken any loan, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii) (e) to (g) of the said order is not
applicable.
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
Services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
in respect of these areas.
5. (a). As per the information and explanations given to us the
transactions needed to be entered into a register in pursuance of
section 301 of the Companies Act,1956 have been entered.
(b). As per the information and explanations given to us the
transactions have been carried out at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The company has not accepted deposits from the public during the
year, within the meaning of sec 58A of the companies Act 1956. The
directives issued by the Reserve Bank of India and the provisions of
sections 58A and 58AA of the Act and the rules framed there under,
where applicable, have been complied with. No order has been passed by
the company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal against the company in this
regard.
7. In our opinion, the company has an internal audit System However the
same has to be strengthened in commensurate with its size and nature of
its business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained . We have not,
however made a detailed examination of the same.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor education and
Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities to the extent
applicable.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were in
arrears, as at 31st march 2014, for a period of more than six months
from the date they become payable.
(c) According to the information and explanations given to us, and as
per the records of the company, income tax, sales tax, service tax,
custom duty, excise duty, Mandi tax and Cess which have not been
deposited on account of dispute are given below :
Name of the Nature of the Disputed Period to
Statue dues Amount which it
(Rs. in relates
lacs>
Income Tax Income Tax 15.90 1994-95,
1995-96,
1996-97
Income Tax Income Tax 5.21 2009-10
AY 2010-11
M.P VAT Act VAT ACT 6.32 2006-
2002 2007
Name of the Forum where the dispute is
Statue pending
Income Tax Before Settlement
Commission, Petition has been
filed with M.P.High Court for
stay
Income Tax Before Appellate
Commissioner, Bhopal
M.P VAT Act
2002 M.P Commercial Tax,
Appellate Board. Bhopal
10. The company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the year under
report and in the immediately preceding financial year.
11. Based on our audit procedures, and as per the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institution, bank. The company has not issued any
debentures.
12. According to the information and explanations given to us and based
on the documents and records produced to us the Company has not granted
any loan and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund, nidhi or
mutual benefit fund/societies are not applicable to the company.
14. In our opinion the company is not dealing or trading in shares,
securities, debentures and other investments and hence, the
requirements of Para 4(xiv) of the above order are not applicable to
the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. As per the records produced, the term loans have been applied for
the purpose for which such loans were obtained.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet and cash flow statement of the
company, we report that funds raised on short-term basis have not been
used for long term investment.
18. During the year the company has not made any preferential allotment
of shares to parties or companies covered in the register maintained
under section 301 of the Companies Act, 1956
19. There are no debentures issued by the company during the year that
require creation of security or charge and therefore the requirement is
not applicable.
20. During the year under audit, there was no public issue of shares.
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us by the management we
report that no frauds on or by the company have been noticed or
reported during the course of our audit.
For , BHUTORIA GANESAN & CO
Chartered Accountants
Firm Reg No: 004465C
R.GANESAN
S-9, Thadaram Complex, PARTNER
209A, Zone I, M.P.Nagar, BHOPAL M.NO 26164
Date: 30-5-2014
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS:
We have audited the attached financial statements ol Natraj Proteins
Ltd which comprise of the Balance Sheet as at 31.03.2013 the Statement
of Profit and Loss for the year ended on 31-3-2013 and Cash Flow
statement for the year ended on that date and a summary ol significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub section (3C) of section 211
of the Companies Act 1956. This responsibility includes thedesign,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibilityis to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statementsare free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment including the assessment of
the risks of material misstatement of the financial statements whether
due to fraud or error. In making those risk assessments, the auditors
considers internal controls relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the management,
as well as evaluating the overall presentation of thefinancial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according lo the
explanations given to us, the financial statements give the information
as required by ihe Act in the manner so required and give a true and
fair view in conformity with the Accounting principles generally
accepted in India:
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31.03.2013.
ii} In the case of Statement of Profit and Loss, of the Profit of the
company for the year ending 31.03.2013.
iii) In the case ofCash Flow Statement of the cash flows, of the
Company fortheyear ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order 2003 as
amended by Companies (Auditor''s Report) (Amendment) order, 2004, issued
by the Central Government o1 India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement of the matters specified in the paragraph 4 and 5
ofthesaidorder.
2. As required by section 227(3) of the Act we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books,
c) The Balance Sheet and Profit and Loss Account and Cash Row Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in section 211 {3C) of the Companies Act 1956.
e) On the basis of written representations received from the Directors
of the company as on 31 st March, 2013, and taken on record by the
Board of Directors, none of the director is disqualified as on 31-
March 2013from being appointed as a director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act, 195^6.
f} Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A "of the
Companies Act 1956, nor has it issued any Rules under the said section
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
[Referred to in our Report of even date on the Accounts of NATRAJ
PROTEINS LTD. as at and for the year ended 31s1 March 2013]
1. (a). The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b). The fixed-assets have been physically verified by the management
in accordance with regular programme of verification, which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. Discrepancies have been appropriately dealt with
in the books of account.
{c). The Company has not disposed off any substantia/ part of fixed
assets during the year.
2. (a). The management has conducted Physical verification of
inventories at all its locations at reasonable intervals during the
year.
(b). The procedures of physical verification of inventory followed by
management are in our opinion, reasonable and adequate in relation to
the size of the company and the nature ot its business.
(c)The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification,
3. The company has not taken any loan, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordinlgy, the
provisions ot clause 4{iii) (e)to (g) af the said order is not
applicable.
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
Services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
in respect of these areas,
5. (a). As per the information and explanations given to us the
transactions needed to be entered into a register in pursuance of
section 301 of the Companies Act, 1956 have been entered.
{b). As per the information and explanations given to us the
transactions have been carried out at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The company has not accepted deposils from the public during the
year, within the meaning of section 5BA of the companies Act 1956. The
directives issued by the Reserve Bank of India and the provisions of
sections 58A and 58AA of the Act and the rules framed there under,
where applicable, have been complied with. No order has been passed by
the company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal against the company in this
regard.
7. In our opinion, the company has an internal audit System However
the same has to be strengthened in commensurate with its size and
nature of its business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act 1956 and are of the opinion lhat prima facie, the prescribed
accounts and records have been made and maintained . We have not,
however made a detailed examination of the same,
9. (a). The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor education and
Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities to the extent
applicable.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were in
arrears, as at 31st March 2013, for a period of more than six months
from the date they become payable.
10. The company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the year under
report and in the immediately preceding financial year.
11. Based on our audit procedures, and as per the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institution, bank. The company has not issued any
debentures.
12. According to the information and explanations given to us and
based on the documents and records produced to us the Company has not
granted any loan and advances on the basis of security by way of pledge
of shares. debentures and other securities.
13. The provisions of special statute applicable to chit fund, nidhi
or mutual benefit fund/societies are not applicable to the company.
14. In our opinion the company is not dealing or trading in shares,
securities, debentures and other investments and hence, the
requirements of Para 4(xiv) of the above order are not applicable to
the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks orfinancial institutions.
16. As per the records produced, the term loans have been applied
torthe purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the company, we report that funds raised on short-term basis have not
been used for long term investment.
18. During the year the company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. There are no debentures issued by the company during the year that
require creation of security or charge and theretore the requirement is
no1 applicable.
20. During the year under audit, there was no public issue of shares.
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us by the management we
report that no frauds on or by the company have been noticed or
reported during the course of our audit.
For. BHUTORIA GANESAN & CO
CHARTERED ACCOUNTANTS
Firm Reg No: 004465C
R.GANESAN
PLACE: Bhopal PARTNER
Date: 30-5-2013 M.N026164
Mar 31, 2012
1. We have audited the attached Balance Sheet of Natraj Proteins Ltd.
as at 31.03.2012 and the relative Statement of Profit and Loss for the
year ended on 31-03-2012 and also cash flow statement for the year
ended on that date. These financial statements are the responsibility
of the management of the Company. Our responsibility is to express an
opinion on these financial statements based on our audit
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes, examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall .presentation of, the
.financial statements. We believe that our audit
provides a reasonable basis for our opinion.
3. As required by the Companies (Audited report) Order 2003 as
arnlrided by Companies (Auditor's Report) (Amendment) order, 2004,
issuedWy the Central Governmegt of India in terms of sub section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the annexure
a statement of the matters specified in the paragraph 4 and 5 of the
said order.
4. Further to our comments in the Annexure referr to above, we report
as that;
i) We have obtained all the information and explanations which to the
best of our knowledge and belief weis-necessary for purpose of our
audit.
ii) In our opinion, the Comany has kept proper books jpccounts as
required by law so far as appears from our examianation of
those books.
iii) The Balance Sheet and Statement of profit and loss and Cash flow
Statement dealt with by this report agreement with the books of
accounts.
iv) In our opinion, the Bajarice Sheet, Prjij$i!& loss Account and
Cashj|low Statement dealt with by this report coltiply with
thifssAicounting Standards reflrred to in section 211(3C) of the
Complies Act 1956.
v) On the basis of written representaiils received from the Direct of
the company as on 31st March, 2012, .and taken on record by the Board
of Directors, we report that none of the director is disqulified as an
31st March 2012 from being appointed as a director In terms of
clause (g)of sub section (1) defection 274 djfithe Companies Act,
1956.
vi) In our opinion and to the best of our information and
according to tip explanations given to us, the said statement of
Accounts, read together with the "NOTES" thereon, gives information as
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in'conformity with the Accounting principles
generally accepted in India:
i) In the case of Balance Sheet of the state of affairs of the Company
as at 31.03.2012.
ii) In the case of Statement of Profit and Loss, of
the Profit of the company for the year ending 31.03.2012.
iii) In the case of Cash Flow Statement of the
cash flows, of the Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
[Referred to in our Report of even date on the Accounts of NATRAJ
PROTEINS LTD. as at and for the year ended 31st March 2012]
1. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management in
accordance with regular programme of verification, which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. Discrepancies have been appropriately dealt with
in the books of account.
(c) The Company has not disposed off any substantial part of fixed
assets during the year.
2. (a) The management has conducted Physical verification of
inventories at all its locations at reasonable intervals during the
year.
(b) The procedures of physical verification of inventory followed by
management are in our opinion, reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company is maintaining[Rroperf ecords. of irtMçsûtãKy...and no
rpaterial discrepancies were noticed on physical verification^
3. (a) The company has taken loans, unsecMre^lfrpRn companies, firms
or other parties covered in the register maintained under section 301
of the' Companies Act, 1956. There me twenty two parties and amount
involved isjRs. 152.03 Lacs.
(b) The rate of interest and other terms and conditions of unsecured
loans taken by the company, are prima facie not prejudicial to the
interest of thelflwnpany;
(c) The payment dfithe principal amount and
interest are also regular;
(d) There is no overdue of more than one lacs.
4. In our opinion, arid according to the information and
explanation given to us, there are adequate internal systems
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed Assets and
for the goods and Services During the course of audit, we have
noicome acroait^ny continuing-f^lUre to timtfect major weaknesses has
been noticed in the internal control^ respect these areas.
5. (a) As per the information and explanations given to us the
transactions needed to be entered into a register in pursuance of
sectidn 301 of the companies Act, 1956 have been entered.
(b). As per the informationlpd explanations given to us the
transactions have! been carried out at prices which are reasonable
having regard to the prevalling market price at the relevant time.
6. The company has not accepted deposits from the public during the
year, within the meaning of sec 58A of the companies Act 1956 attend
the directives issued By the Reserve Bank of India and the provisions
of sections 58A and 58AA of the Act and the rules framed there under.
No order has been passed by the company Law Board or National Company
law TRibunal or reserve Bank of India or any court or any other
tribunal in this respect.
7. In our opinion, the company has an internal audit System However
the same has to be strengthened in commensurate with its size and
nature of its business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Act, in
respect of the company's products to which said rules are made
applicable and are of the opinion that prima facie, the prescribed
accounts and records have been maintained. Further that the Company's
product are subject to the Cost Audit.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor education and
Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
Statutory Dues with the appropriate authorities to the extent
applicable.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were in
arrears, as at 31st March 2012, for a period of more than six months
from the date they become payable.
(c) According to the information and explanations given to us, and as
per the records of the company, income tax, sales tax, service tax,
custom duty, excise duty, Mandi tax and Cess which have not been
deposited on account of dispute are given below :
Name of the Nature of the Disputed Period to
Statue dues Amount (Rs.in which it
lacs) relates
Income Tax Income Tax 15.90 1994-95
1995-96
1996-97
Entry tax Entry Tax 0.53 2006-2007
M.P VAT ACT VAT ACT 6.32 2006-2007
Name of the Forum where the dispute
Statue is pending
Income Tax Before Settlement Commission,
Petition has been filed with
M.P.High Court for stay
Entry tax M.P.Commercial - Tax
Appellate Board, Bhopal
M.P VAT ACT M.P Commercial Tax,
Appellate Board, Bhopal
10. The company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the year under
report and in the immediately preceding financial year.
11. Besed on our audit procedures, and as per the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institution, bank or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us the Company has not
granted any loan and advances on the basis of security of by way of
pledge of shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund, nidhi
or mutual benefit fund/societies are not applicable to the company.
14. In our opinion the company is not dealing or trading in shares,
securities, debentures and other investments and hence, the
requirements of Para 4(xiv) of the above order are not applicable to
the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutioris.
16. As per the records produced, the term loans have been applied for
the purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the company, we report that funds raised on short-term basis have not
been used for long term investment.
18 During the year the company has not made-any preferential allotment
of shares to parties or companies
covered in the register maintained under section 301 of the Companies
Act, 1956.
19. There are no debentures issued by the company during the year
that, require creation of security or charge and therefore the
requirement is not applicable.:, *:
20. During the year under audit, there was no public issue of shares.
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us by the management we
report that no frauds on or by the company have been noticed or
reported during the course of our audit.
For BHUTOR1A GANESAN & CO
Chartered Accountants
Firm Reg No: 004465C
CA R.GOKULAKRISHNAN PARTNER
M.NO 402792
PLACE: BHOPAL
Date :25/08/2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Natraj Proteins Ltd
as at 31.03.2010 and the relative Profit and Loss account for the year
ended on 31-3-2010 and also cash flow statement for the year ended on
that date. These financial statements are the responsibility of the
management of the Company. Our responsibility is to express an opinion
of these financial statements based on our audit
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order 2003 as
amended by Companies (Auditors Report) (Amendment) order, 2004,issued
by the Central Government of India in terms of sub section(4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement of the matters specified in the paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report as follows:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of such
books.
iii) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
iv) In our opinion, these financial statements have been prepared in
compliance with the Accounting Standards referred to in section 211
(3C) of the Act.
v) On the basis of written representations received from the Directors
of the company as on 31st March,2010, and
taken on record by the Board of Directors we report that prima facie
none of the director is disqualified as on 31s1v1arch 2010 from being
appointed as a director in terms of clause (g) of sub section (1) of
section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us the said statement of Accounts read
together with notes thereon gives information as required by the
Companies Act, 1956 in the manner so required and give a true and fair
view :
I) In the case of Balance Sheet of the state of affairs of the Company
as at 31.03.2010.
ii) In the case of Profit and Loss Account, of the Profit of the
company for the year ending 31.03.2010.
iii) In the case of Cash Flow Statement, of the cash flows, for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
1. (a). The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b). The fixed assets have been physically verified by the management
in accordance with regular programme of verification, which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. Discrepancies have been appropriately dealt with
in the books of account.
(c). There is no substantial disposal of fixed assets during the year.
2. (a). Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b). The procedures of physical verification of inventory followed by
management reasonable and adequate in relation to the size of the
company and the nature of its business.
(c). The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (a). The company has taken loans, unsecured from companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act, 1956. There are Eighteen parties and amount
involved is Rs.115.93 Lacs.
(b). The rate of interest and other terms and conditions of unsecured
loans taken by the company, are prima facie not prejudicial to the
interest of the company;
(c). The payment of the principal amount and interest are also regular;
(d) There is no overdue of more than one lacs.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal systems commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of audit, we have not come across any continuing failure to correct
major weaknesses has been noticed in the internal control in respect of
these areas.
5. (a). The transactions needed to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been entered.
(b). The transactions have been carried out at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted deposits from the public during the
year, within the meaning of sec 58A of the companies Act 1956. The
directives issued by the Reserve Bank of India and the provisions of
sections 58A and 58AA of the Act and the rules framed there under,
where applicable, have been complied with. No order has been passed by
the company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any other tribunal.
7. In our opinion, the company has an internal audit System However
the same has to be strengthened in commensurate with its size and
nature of its business.
8. The Central Govt, has not prescribed compulsory maintenance of cost
records for the company.
9. (a). The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor education and
Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities to the extent
applicable. According to the information and explanations given to us,
no undisputed amounts payable in respect of such statutory dues were in
arrears, as at 31st march 2010, for a period of more than six months
from the date they become payable.
(b) According to the information and explanations given to us, and as
per the records of the company, income tax, sales tax, service tax,
custom duty, excise duty, Mandi tax and Cess which have not been
deposited on account of dispute are given below :
Name of the Nature of
the Amount
(Rs. in Period to Forum where the
dispute
Statue dues lacs) which it is pending
relates
Income Tax Income Tax 15.90 1994-95, Before Settlement
1995-96, Commission, Petition
1996-97 has been filed with
M.P.High
Court for stay
Income Tax Income Tax 10.49 Asst. Year Appeal Before
CIT 1(A),
2004-2005 Bhopal.
Entry tax Entry Tax 0.62 2006-2007 M.P.Commercial Tax
Appellate Board,
Bhopal
M.PVAT Act VAT ACT 7.03 2006-2007 M.P Commercial Tax,
2002 Appellate Board.
Bhopal
9. The company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the year under
report and in the immediately preceding financial year.
10. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
11. According to the information and explanations given to us and
based on the documents and records produced to us the Company has not
granted any loan and advances on the basis of security of by way of
pledge of shares, debentures and other securities.
12. The provisions of special statute applicable to chit fund are not
applicable to the company.
13. The company is not dealing or trading in shares, securities,
debentures and other investments, hence relevant provision is not
applicable to the company.
14. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
15. As per the records produced, the term loans have been applied for
the purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the company, we report that funds raised on short-term basis have not
been used for long term investment.
18. During the year the company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. There are no debentures issued by the company during the year that
require creation of security or charge and therefore the requirement is
not applicable.
20. During the year under audit, there was no public issue of shares.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management we report that
no frauds on or by the company have been noticed or reported during the
course of audit.
For BHUTORIA GANESAN & CO
Chartered Accountants
FIRM REG No. 004465C
R.GOKULAKRISHNAN
PLACE: BHOPAL (PARTNER)
Date: 18-08-2010 M.No. 402792
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